1 inVentiv Health, Inc. (VTIV) First Quarter 2008 Earnings Call May 12, 2008.

Slides:



Advertisements
Similar presentations
2014 Annual Meeting of Stockholders Dan Moore, President & Chief Executive Officer September 18, 2014.
Advertisements

1 ICON Quarter 2, 2009 Results ended June 30, 2009 Dr. John Climax, Chairman Mr. Peter Gray, CEO Mr. Ciaran Murray, CFO.
DRIVING GROWTH NASDAQ: HILL August 8, 2013 Second Quarter 2013 Earnings Conference Call.
FIBI FIRST INTERNATIONAL BANK OF ISRAEL O verview
SAFE HARBOR Certain statements contained in this presentation regarding Rick's Cabaret future operating results or performance or business plans or prospects.
Chapter 4: CONTINUED INCOME STATEMENT AND RELATED INFORMATION Sommers – ACCT 3311 Chapter 1: Environment and Theoretical Structure of Financial Accounting.
November 20, 2014 FY2015 Q2 Review. Safe Harbor Statement 2 This presentation includes forward‐looking statements. Forward‐looking statements may be identified.
2013 LUXOFT AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.1 1 SOFTWARE ENGINEERING TECHNOLOGY AUTOMOTIVE TRAVEL AND AVIATION ENERGYTELECOM FINANCIAL SERVICES.
1 ICON Plc. Merrill Lynch - Global Pharmaceutical, Biotech & Medtech Conference, September 19 th 2007.
11- 1 INCOME AND CHANGES IN RETAINED EARNINGS Chapter 12.
McGraw-Hill/Irwin Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved Chapter Twelve: Income and Changes in Retained Earnings.
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Statement of Cash Flows Chapter 13.
1 December 2003 Quarter Earnings January 20, 2004.
Hi, I’m Dave Vellequette, CFO of Avaya
Western Financial Group Q Financial Results Conference Call August 18, 2009.
Microsoft Corporation John Connors Chief Financial Officer January, 2004.
Western Financial Group 2009 Year End Financial Results Conference Call March 17, 2010.
© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin Financial & Managerial Accounting The Basis for Business Decisions FOURTEENTH EDITION Williams.
Western Financial Group Q Financial Results Conference Call August 12, 2008.
Interim Results David Grigson Finance Director 27 July 2004 Financial Highlights.
FY09 Q3 Conference Call April 21, Forward-Looking Statement Page 1 Statements in this release that are not historical are forward-looking and are.
inVentiv Health, Inc. (VTIV)
1 4Q 2003 Earnings October 21, Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the federal securities.
ABLE LABORATORIES, INC.. Safe Harbor Statement Except for historical facts, the statements in this presentation, as well as oral statements or other written.
CORPORATE FORM OF ORGANIZATION A corporation is a legal entity created by law that is separate and distinct from its owners.
CORPORATIONS: ORGANIZATION AND SHARE CAPITAL TRANSACTIONS CHAPTER 14.
SCBT Financial Corporation 2 nd Quarter 2013 Earnings Conference Call July 26, 2013.
Statement of Cash Flows Chapter 12 McGraw-Hill/Irwin © 2009 The McGraw-Hill Companies, Inc.
1 April 22, Q 2003 Earnings. 2 Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the federal securities.
Western Financial Group Q Financial Results Conference Call November 16, 2009.
Western Financial Group Q Financial Results Conference Call November 17, 2008.
First Quarter Results Ended March 31, This presentation contains statements, including statements about future plans and expectations, which constitute.
Western Financial Group Q Financial Results Conference Call May 9, 2008.
Statement of Cash Flows Revsine/Collins/Johnson/Mittelstaedt: Chapter 17 McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights.
Third Quarter Results Ended September 30, This presentation contains statements, including statements about future plans and expectations, which.
1 The Professional’s Source for Turf Care Investor Update Investor Update 2nd Quarter 2003.
Investments and Fair Value Accounting 13 Student Version.
The Professional’s Source for Turf Care First Quarter /29/04.
FOURTH QUARTER AND YEAR END 2012 RESULTS. The following is a Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press.
International Financial Reporting Standards - IFRS.
First Quarter 2013 Earnings Conference Call April 18, 2013.
1 3Q 2003 Earnings July 22, Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the federal securities.
THIRD QUARTER 2012 RESULTS.  Year-over-year revenue growth of 5.5% to $32.0 million, at the high end range of guidance  Adjusted fully diluted EPS of.
2013 LUXOFT AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.1 1 SOFTWARE ENGINEERING TECHNOLOGY AUTOMOTIVE TRAVEL AND AVIATION ENERGYTELECOM FINANCIAL SERVICES.
FOURTH QUARTER AND FULL YEAR 2013 RESULTS March 13, 2014.
THIRD QUARTER 2014 EARNINGS CONFERENCE CALL October 22, 2014.
Western Financial Group Q Financial Results Conference Call November 13, 2006.
PARTNER OF CHOICE EMPLOYER OF CHOICE INVESTMENT OF CHOICE
Above rising Q investor conference call May 11, 2017.
Chapter 2 Asset and Liability Valuations and Income Recognition.
Third Quarter 2012 Earnings Conference Call October 18, 2012
Results for Three Months and Six Months Ended September 30, 2013
First Quarter Fiscal Year 2009 Financial Results December 19, 2008
Q Earnings Call.
Western Financial Group Q Financial Results Conference Call
Western Financial Group Q Financial Results Conference Call
2018 Second Quarter Results NASDAQ: fult
2nd Quarter 2016 Earnings Call
First Quarter Fiscal Year 2016
Annual Meeting of Stockholders Tuesday, May 22, 2018
Q results November 8, 2018.
4th Quarter 2016 Earnings Call
Liberty Interactive Corporation Q3-11 Earnings Call November 8, 2011
2018 FIRST Quarter Results NASDAQ: fult
2018 and fourth Quarter Results NASDAQ: fult
Investments and Fair Value Accounting
2018 THIRd Quarter Results NASDAQ: fult
Fiscal 3Q’13 Earnings Presentation
Q4 Financial Performance
Data as of September 30, 2019 unless otherwise noted
Presentation transcript:

1 inVentiv Health, Inc. (VTIV) First Quarter 2008 Earnings Call May 12, 2008

2 This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of The forward-looking statements are only predictions and provide our current expectations or forecasts of future events and financial performance and may be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “will” or “should” or, in each case, their negative, or other variations or comparable terminology, though the absence of these words does not necessarily mean that a statement is not forward- looking. Specifically, this presentation contains forward-looking statements regarding our estimates of revenues and earnings in future periods. In addition, we have disclosed data regarding our historical experience in winning new business opportunities in conjunction with our presentation of our new business pipeline, which is intended to assist readers in evaluating our new business pipeline on a forward-looking basis. These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in any forward-looking statement. The most important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward-looking statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements include, but are not limited to, the following: Our ability to sufficiently increase our revenues and maintain or decrease expenses and cash capital expenditures to permit us to fund our operations; Our ability to continue to comply with the covenants and terms of our credit facility and to access sufficient capital to fund our operations; The actual impact of the adoption of certain accounting standards; Changes in trends in the pharmaceutical industry or in pharmaceutical outsourcing; Our ability to grow our existing client relationships, obtain new clients and cross-sell our services; Our ability to successfully operate new lines of business; Our ability to successfully identify new businesses to acquire, conclude acquisition negotiations and integrate the acquired businesses into our operations; and, Our ability to recruit, motivate and retain qualified personnel, including sales representatives. Investors should carefully consider these risk factors and the matters discussed under Item 1A, Risk Factors, of our Form 10-K for the year ended December 31, 2007 which can be accessed electronically in the Investor Relations portion of our web site at This presentation includes non-GAAP financial measures within the meaning of Regulation G of the Securities and Exchange Commission. The "adjusted" (non-GAAP) financial measures included in this presentation exclude the following: Interest income (expense) related to our interest rate hedge of a term loan facility; Federal tax benefits related to state and local tax exposure; and, Impairment of marketable securities. The segment information contained in this presentation excludes: compensation expense related to vested stock options and restricted stock; corporate overhead; and, minority interest & equity investments. We believe that these non-GAAP financial measures are a more accurate basis for evaluating ongoing performance and planning and forecasting of future periods, and we use these non-GAAP financial measures internally for the foregoing purposes. We have included in the appendices to this presentation the most directly comparable GAAP financial measures and a reconciliation between the non-GAAP and GAAP financial measures. Forward Looking Statements and Non-GAAP Financial Information

3 Q1’08 Q1’07 % Total Revenues$262.3 $ % Net Revenues % Adj. EBITDA % Adj. Operating Income % % of Net Revenue9.1% 10.5% Adj. Net Income (11%) Adj. Diluted EPS$0.26 $0.31 (16%) GAAP EPS$0.24 $0.33 (27%) Q1’08 vs. Q1’07 Adjusted Results $’s in Millions (except per share) NOTE: Investors are referred to the reconciliations to GAAP provided at the end of this presentation NOTE: The adjusted Net Income and adjusted EPS figures present adjusted results from continuing operations including equity compensation expense. NOTE: The adjusted EBITDA and adjusted Operating Income figures include equity compensation expense and exclude minority interest and equity investments.

4 Q1’08 Total Revenue by Segment $’s in Millions Segment $ Value Clinical$52.1 Communications$88.3 Commercial$92.0 Patient Outcomes$29.9 Total Revenue$262.3 Patient Outcomes Commercial Clinical Communications

5 Q1’08 Adjusted Operating Income by Segment $’s in Millions NOTE: Investors are referred to the reconciliations to GAAP provided at the end of this presentation. The sum of the segment adjusted operating income amounts will not tie to consolidated adjusted operating income due to corporate and other costs. Segment $ Value Clinical$3.3 Communications$12.8 Commercial$5.9 Patient Outcomes$4.9 Patient Outcomes Commercial Clinical Communications

6 inVentiv Clinical: Q1’08 vs. Q1’07 $’s in Millions Q1’08 Q1’07 % Total Revenues$52.1$ % Adj. Operating Income % Adj. Operating Income % 6.3%5.3% NOTE: Investors are referred to the reconciliations to GAAP provided at the end of this presentation.

7 inVentiv Communications: Q1’08 vs. Q1’07 $’s in Millions Q1’08 Q1’07 % Total Revenues$88.3$ % Adj. Operating Income % Adj. Operating Income % 14.5%13.8% NOTE: Investors are referred to the reconciliations to GAAP provided at the end of this presentation.

8 inVentiv Commercial: Q1’08 vs. Q1’07 $’s in Millions Q1’08 Q1’07 % Total Revenues$92.0$97.8 (6%) Adj. Operating Income (41%) Adj. Operating Income % 6.4%10.2% NOTE: Investors are referred to the reconciliations to GAAP provided at the end of this presentation.

9 inVentiv Patient Outcomes: Q1’08 vs. Q1’07 $’s in Millions Q1’08 Q1’07 % Total Revenues$29.9$ % Adj. Operating Income % Adj. Operating Income % 16.4% 16.8% NOTE: Investors are referred to the reconciliations to GAAP provided at the end of this presentation.

10 Multi-Year Net Revenue Growth $’s in Millions NOTE: Pre-acquisition proforma numbers may be unaudited and may be reflected wholly or partially on a cash basis. Gross revenues were used as a proxy for net revenues if the acquired companies did not segregate customer reimbursements. NOTE: Proforma Organic Net Revenue - Each company acquired as of 12/31/07 is assumed as part of inVentiv proforma organic net revenues as if they were wholly-owned by inVentiv as of 1/1/03.. ProForma Organic 41% CAGR As Reported Clinical Communications CommercialPatient Outcomes 18% CAGR

11 ProForma Organic Net Revenue Growth 2003 to Yr % CAGR TTM Q1’08 % Annual Growth Clinical23%24% Communications20%8% Commercial9%6% Patient Outcomes49%25% Total18%13% NOTE: Pre-acquisition proforma numbers may be unaudited and may be reflected wholly or partially on a cash basis. Gross revenues were used as a proxy for net revenues if the acquired companies did not segregate customer reimbursements. NOTE: Each company acquired as of 12/31/07 is assumed as part of inVentiv proforma net revenues from 1/1/03 as if they were wholly-owned by the company.

12 New Business Pipeline Annualized Net Fees ($’s in Millions) NOTE: inVentiv calculates its pipeline based on its approximate annualized net revenue estimate for all identified new business opportunities on a rolling, forward 12-mth basis. NOTE: inVentiv has historically won ~50% of the opportunities for which inVentiv submits a proposal and the Client elects to outsource (weighted by net revenue).

Guidance Total Revenues$1.05B to $1.15B Adjusted EPS (w/ Stock Comp.)$1.80 to $1.90 GAAP EPS$1.78 to $1.88 NOTE: Investors are referred to the reconciliations to GAAP provided at the end of this presentation.

14 Appendix

15 Metrics & Other Information $’s in Millions NOTE: For GAAP reconciliations, metrics definitions and additional notes investors are referred to additional slides at the end of this presentation. 3/31/083/31/0712/31/07 Cash Flow from Operations (qtr) $9.9 ($6.8)$43.2 Cash Flow from Operations (ttm) $75.4$60.8$58.7 Cash & Marketable Securities $79.5$46.4$98.1 Working Capital 1 $161.5$92.9$130.9 Leverage Ratio (Proforma ttm) Days Sales Outstanding (qtr) Approximate Worldwide Employee Count (qtr) 6,4005,2005,700

16 Metrics Definitions & Notes 1 Working Capital equals current assets less current liabilities 2 Leverage Ratio (TTM) is calculated as if all new acquisitions closed during the twelve month period were part of inVentiv for the full twelve months. The calculation is Debt divided by Adjusted Proforma EBITDA as defined within inVentiv’s credit agreement. 3 Days Sales Outstanding (DSO) is measured using the combined amounts of Accounts Receivable and Unbilled Services (excluding work-in-progress, which does not affect calculation) outstanding as of the Balance Sheet date, against Revenues for the trailing 3-month period then ended. The calculation excludes acquisitions made during the quarter.

17 Other than temporary impairment charge related to marketable securities: −During the first quarter of 2008, the Company recorded $0.5 million ($0.3 million net of taxes) related to an other than temporary impairment of the Company's Columbia Strategic Cash Portfolio (“CSCP”), which held certain asset- backed securities. Consistent with the company's investment policy guidelines, the majority of holdings within CSCP held by the company had AAA/Aaa credit ratings at the time of purchase. With the liquidity issues experienced in the global credit and capital markets, the CSCP experienced other than temporary losses resulting in a change in the net asset value per share from its $1 par value. The other than temporary impairment loss was adjusted to exclude this charge for first quarter 2008 results. Compensation expense related to vested stock options and restricted stock: −The Company adopted FAS 123(R) as of January 1, 2006 and commenced recording expense for vested stock options and restricted stock as of that date. Compensation expense has been included in all adjusted consolidated financial information and EPS computations, but excluded at the segment level. For all non-GAAP financial information related to the segment information, segment level compensation expense of $1.9 million and $1.9 million has been adjusted for the three months ending March 31, 2008 and 2007 to exclude expense related to vested stock options and restricted stock. Derivative interest: −In October 2005, the Company engaged in an interest rate hedge of its $175 million term loan facility, which the Company did not designate for hedge accounting until July In July 2006, the Company employed a hypothetical derivative model to assess ineffectiveness. For the three-months ended March 31, 2008 and 2007, the Company recorded $0.3 million of interest expense ($0.2 million and $0.1 million, net of taxes) relating to the ineffectiveness of the hedge for each quarter. Net interest expense was adjusted to exclude these adjustments in their respective periods. Tax benefit: –The Company recorded federal tax benefits of $1.0 million in the first quarter of 2007 attributable to related state and local tax exposure. Tax expense was adjusted to exclude these benefits for the first quarter of 2007 GAAP Reconciliation Factors

18 GAAP Reconciliations

19